Korea 8th Most Competitive in G-20

South Korea ranked eighth among the G-20 countries in terms of national competitiveness, according to a report by the International Institute for Management Development (IMD) Wednesday. The United States topped the list, followed by Australia, Canada, Germany, Japan, China and Britain.

The report is based not only on economic activity but also other categories covering competitiveness in science, infrastructure, business and government efficiency.

The IMD said that Korea, the host for the G-20 summit in November, was strong in science and infrastructure, but had poor showings in government efficiency and economic activity. The G-20 rankings are compiled from IMD’s global survey with Saudi Arabia and the European Union excluded.

Korea drew a high grade in basic research activities, a subcategory of the science environment field, sitting second to Germany. Japan and Britain were tied for third.

In overall infrastructure, Korea placed eighth with the United States at the top of the list, and fourth in infrastructure competitiveness in science following the United States, Germany and Canada.

However, its economic activity placed 14th, with the United States leading the countries, and its overall government efficiency was 10th.

The report gave a high score to Korea, when it was placed fourth behind Indonesia, South Africa and Canada in fiscal policy management.

Korea ranked ninth and 10th, respectively, in business efficiency and labor market conditions.

“Above-average national competitiveness and national power contributed to Korea winning the bid to host the G-20 summit for the first time as an emerging nation,” said an official of the Ministry of Strategy and Finance.

The G-20 comprises the economies of Argentina, Australia, Brazil, Britain, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey and the United States as well as South Korea.

A variety of top level conferences are scheduled in the lead-up to the November summit in Seoul.

Already, finance ministers and central bank governors of the member nations are gathering this week, in Washington, while another conference is scheduled for June, in Busan.

The G-20 summit was created at the height of the financial crisis last year in order to bring concerted power to fighting what was labeled the “Great Recession,” after concluding that the existing G-7 was not encompassing enough to deal with the crisis.